CC PACKET 09131988 - Laserfiche WebLink

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a time to time as necessary, so as to produce income and • revenue sufficient to provide for prompt payment of principal of and interest on all Bonds .issued under the Indenture. when due; and the Loan Agreement also provides that the Partnership is required to pay all expenses of the operation and maintenance of the Project , including, but without limitation, adequate insurance thereon and insurance against all liability for injury to persons or property arising from the operation thereof , and all taxes and special assessments levied upon or with respect to the Project and payable during the term of the Loan Agreement ; and (e) the execution and delivery of the Loan Agreement , the Bond Purchase Agreement and the Indenture will not conflict with, or constitute on the part of the City a breach of or a default under , any existing agreement , indenture, mortgage, lease or other instrument to which the City is subject or is a party or by which it is ' bound; provided that this finding is made solely for the purpose of estopping the City from denying the validity of the Loan Agreement , the Bond Purchase Agreement and the Indenture, by reason of the existence of any facts contrary to this finding; ( f) no litigation is pending or , to the best • knowledge of the members of this Council , threatened against the City questioning the organization or boundaries of the City or the right of any officer of the City to hold his or her office, or in any manner questioning the right and power of the City to execute and deliver the Bonds , or otherwise questioning the validity of the Bonds or the execution, delivery or validity of the Loan Agreement , the Bond Purchase Agreement and the Indenture, or questioning the appropriation of revenues to payment of the Bonds or the right of the City to loan the proceeds of the Bonds to the Partnership to refund the Prior Bonds and provide for the financing of the Project; (g) all acts and things required under the Constitution and the laws of the State of Minnesota to make the Loan Agreement, the Bond Purchase Agreement and the Indenture, the valid and binding obligations of the City in accordance with their terms will have been done upon adoption of this Resolution and execution of the Loan Agreement, the Bond Purchase Agreement and the Indenture; (h) the City is duly organized and existing under the Constitution and laws of the State of Minnesota -and is authorized to issue the Bonds in accordance with the Act; and • -4-